Nasdaq-listed TRX treasury company Tron has filed paperwork with the U.S. Securities and Exchange Commission for a new at-the-market equity program that would allow it to sell up to $200 million in common stock. The filing says the company may periodically sell common shares with a par value of $0.0001 through Clear Street, which would act as sales agent and receive a commission of as much as 3% of the gross proceeds.
The new filing is tied to Tron’s broader effort to build a larger TRX treasury. The company had already disclosed in February a separate accumulation plan to buy about $50,000 worth of TRX each day for 360 consecutive days. On Thursday, Tron bought 149,369 TRX at an average price of $0.3347. Its treasury now holds 718.9 million TRX worth about $237 million.
Shares of Tron opened down 4.7% the same day, putting the stock on track to extend its roughly 67% decline over the past 12 months.
Nasdaq-listed TRX treasury company Tron has filed with the U.S. Securities and Exchange Commission to establish a new at-the-market equity program, allowing it to sell up to $200 million in common stock to fund a larger TRX treasury.
New at-the-market program filed with the SEC
According to a prospectus supplement filed Wednesday, Tron may periodically sell common shares with a par value of $0.0001 through Clear Street, which will act as the sales agent. Clear Street would receive a commission of up to 3% of the gross proceeds.
TRX accumulation plan and latest purchase
The company said in February that its existing TRX accumulation plan called for buying about $50,000 worth of TRX each day for 360 consecutive days. On Thursday, Tron purchased 149,369 TRX at an average price of $0.3347.
Its treasury now holds 718.9 million TRX, valued at about $237 million.
Stock performance
Tron shares opened down 4.7% on the same day, setting the stock up to extend a decline of about 67% over the past 12 months.
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